Menu of Services Commercial Real Estate
Table of Contents Service Offering 3 Funding Services 4 Real Estate Tax Services 6 Title Information Services 7 Off Title Information Services 8 Personal Property Services 9 Transfers of Mortgage Portfolios 11 Contact Information 12 2
Service Offering COMPANY HISTORY Chicago Title Insurance Company has been providing security for real estate transactions for over 150 years. Chicago Title is proud to be a member of the Fidelity National Title Group, the world s largest title insurer and an industry leader in all measures of financial strength. The Fidelity Family takes great pride in ensuring its clients are always protected by maintaining the largest claims reserve in the industry, as well as an exemplary rating from all the leading agencies; S&P A, Moody s A3, and A.M. Best A. SERVICES OFFERED Chicago Title s proactive approach begins at the order placement where the team works closely with legal representatives to become familiar with the requirements of the transaction. By using Chicago Title s menu of services as a stand-alone service, the legal representatives will experience outstanding customer service and combined with a Chicago Title insurance policy, their clients will benefit from the optimal protection at the best in market premium. Our Menu of Services include: Funding Services Real Estate Tax Services Title Information Services Off-Title Information Services Personal Property Services Transfers of Mortgage Portfolios If you require a service that is not outlined in this information document, please do not hesitate to contact us and we will be happy to develop a bespoke service to meet your needs. TITLE INSURANCE: In addition to the services offered by Chicago Title, a quote for a Title Insurance Premium will be provided, based on the proposed Amount of Insurance and policy type to be ordered. Taxes will apply in some jurisdictions, currently, taxes are as follows: Saskatchewan (6%) Ontario and Manitoba (8%), Québec (9%) and Newfoundland & Labrador (15%) ADDITIONAL SERVICES: Please refer to each section below for the services offered. All prices are in Canadian dollars and are subject to change without notice. Prices shown do not include taxes and disbursements. Thank you for considering our proposal and please feel free to contact us for any additional information. 3
Funding Services Chicago Title has the ability to handle the funding of a real estate transaction where a lender s title insurance policy is being issued. We have developed a process that is easy to follow and efficient. The standard funding procedures are as follows: COMMERCIAL TRANSACTION FUNDING SERVICES 1. Receipt of the working party list with contact information for all parties involved in the transaction. 2. Lender and Chicago Title (hereinafter referred to as CTIC) to execute an Escrow Agreement. 3. CTIC will send a letter or email to the borrower s counsel requesting the following: Title search Execution search (where applicable) Confirmation of the status or of real estate taxes (if no Tax Certificate is ordered via CTIC) Additional off-title searches (as required depending on the amount of insurance) Pay-out statements for prior charges Undertaking to discharge any existing charges A statutory declaration to be signed by the borrower will be attached to the letter or email, if required, depending on the amount of insurance and the loan to value ratio. A form for wire instructions will also be attached to the letter or email and is to be completed by the borrower s solicitor and any other parties receiving funds out of the loan proceeds. 4. Upon receipt of the legal description, CTIC will order a Tax Certificate (if required by the parties) 5. Upon receipt of the title work, CTIC will send a Loan Title Insurance Commitment to the Lender s counsel. 6. Prior to funding, Lender s counsel will follow-up for all pay-out statements and invoices for which funds are being directed on closing and will send a copy to CTIC. 7. CTIC will prepare the invoice for Title Insurance premium and escrow services and will provide it to the Lender. 8. Lender will send a Mortgage Loan Closing Statement or any similar document used by the Lender (hereinafter: the «MLCS»). Lender s counsel will have the MLCS signed by the borrower and a copy must be received by CTIC prior to funding. 4
Funding Services DAY OF FUNDING 9. Lender will deliver or cause to be delivered to the designated CTIC account the total of the funds to be advanced under the loan. 10. CTIC will confirm receipt of funds and will follow-up for any of the following: Receipt of signed Statutory Declaration, if applicable Receipt of undertaking to discharge any existing mortgages Receipt of sub-search and execution search 11. The Lender s counsel will send the Funding Notice signed by the Lender to CTIC together with the written confirmation by the Lender s counsel that all conditions have been met and CTIC is authorized to release the funds in accordance with the MLCS. 12. CTIC will proceed to wire funds. 13. CTIC will confirm to all parties that the wires have been completed and provide confirmation numbers for the funding. 14. The respective recipients of each wire will acknowledge receipt of funds in writing. 15. Either the borrower s counsel or Lender s counsel will proceed to the registration of the mortgage on the day of funding and will provide CTIC with registration particulars as well as confirmation that there are no adverse entries on title. 16. CTIC will deliver to the Lender and their counsel the Loan Title Insurance Policy in its final form. 17. Counsel will follow-up for the registered discharge(s) for all prior charge(s) and will provide CTIC with copies of the registered discharge in due course. COST FOR FUNDING SERVICES: $650 (includes 4 wires/cheques) plus applicable taxes and disbursements $25 for any additional wire/cheque, plus applicable taxes 5
Real Estate Tax Services This offering is designed for lenders, lawyers and other parties to obtain the current tax status on a particular parcel or a series of parcels. The real estate tax service will provide the following information: A snapshot of the tax status of a single property at any given time National coverage for all taxing jurisdictions The results will be delivered in a standardized tax verification form Here are a few of the benefits of this service: Notification of tax arrears and protection from losses due to tax arrears A single point of contact for all taxing authorities Consistent reports, with full scope of exception and aging reporting Data validation plus additional data elements The tax certificate issued can be relied on and the Company will indemnify the client for any difference in the certificate versus the actual tax statement issued by the City. COST FOR REAL ESTATE TAX SERVICES: $20 per Roll Number, plus applicable taxes, plus disbursements 6
Title Information Services Chicago Title is pleased to provide copies of title searches for the property (properties) to be title insured. Chicago Title will obtain copies of the title searches from the local Registry Offices and provide a summary of the following information: Name of registered owner Property Identifier and Legal Description Benefiting Instruments Encumbrances registered against the Land In addition, Chicago Title will outline the coverage that will be offered in a title insurance policy based on the proposed value of the Land. Please note that the information provided is not to be construed as an opinion on title or an opinion as to the validity or marketability of title to the Property and we express no opinion on the accuracy or the completeness of this summary report. A title examination and the issuance of a title opinion by a Canadian legal counsel mandated for that purpose would be required. The information provided will be used to prepare a title insurance policy for the contemplated transaction. COST FOR TITLE INFORMATION SERVICES: $150 per parcel, plus taxes and disbursements * * For a simple search only. For complex searches, Chicago Title will provide a specific quote or hire an outside title searcher to perform the searches. For transactions involving multiple parcels or properties, Chicago Title will provide a specific quote. $50 per copy of Instrument / Deed registered on Title, plus taxes and disbursements ** ** Translation services available quote upon request. $75 per parcel for Adjoining Land Search, plus taxes and disbursements PROPERTIES LOCATED IN THE US Chicago Title has the capability to search title information outside of Canada. Through the Fidelity National Financial family, we have access to local offices across the United States and would be pleased to facilitate the searches required in your consideration of purchasing a property or to facilitate the actual purchase transaction. Please contact us for a quote! Chicago Title would be pleased to coordinate the placement for title insurance policies to ensure best coverage, premium and service for Canadian entities purchasing or refinancing assests located in the United States. 7
Off Title Information Services Chicago Title is pleased to provide off-title information for the property (properties) to be title insured. Chicago Title has the ability to perform the following off-title searches, provided we obtain an authorization letter from the owner of the property to access the information on their behalf. Off-Title Search Corporate Profile Executions Municipal Property Assessment Corporation Finance Department Assessment Review Board Building Department Water Department Gas Department Municipal Hydro Provincial Hydro Fire Department Public Health Department Search information Confirmation that corporation is in good standing Information regarding executions or judgment against the borrower and/or vendor Request from MPAC of an assessment report confirming current value of the property Confirmation regarding any outstanding or pending local improvement charges against the property Confirmation of the status of any realty tax appeals for the property Zoning information, compliance with zoning by-law (survey required for this request), permitted uses, outstanding work orders, notices of deficiencies or active files. Details on building permits, site plan control by-law and committee of adjustment decisions Request to the municipality or local utility - Confirmation regarding arrears on water accounts or any outstanding work orders or deficiency notices or active inspection files Request to the local utility - Confirmation regarding arrears in water accounts and details on any rental units located on the property Request to the local utility Confirmation regarding arrears in any hydro accounts and details on any registered or unregistered easements, outstanding work orders, deficiency notices or active inspections/files Request from Provincial Hydro as to unregistered easements, rights, way, privilege, permit pursuant to the Power Corporation Act. Request to the municipality and/or fire department regarding any directive, order or other breach of regulations Request to the municipality and/or local health department regarding any directive, order or other breach of regulations Conservation Authority Request to the regional conservation authority regarding any directive, order or other breach of regulations with respect to the building or current use of the Property and whether the Property is located within a conservation area. Legal and/or Works Departments Request to the municipality regarding compliance and good standing of municipal agreements and easements registered on title and whether the Property is subject to a site plan control by-law and its compliance 8
Off Title Information Services Works Department Municipal / Regional Request to the municipality to obtain confirmation of whether the property is serviced by water, storm and sanitary sewers and if all drains, sewers and water connections servicing the property are completed and paid for in full, whether the municipality has any claim for easements or rights of way for drains, sewers and water pipes which would affect the Property, if under the provisions of the Drainage Act (Ontario) the property is in any way affected by any agreement, requisition or petition, confirmation of access to the property, whether the municipality has passed a by-law designating those portions of the roads abutting the Property as controlled-access highways and, if such designation has been made, then the provision of evidence of the highway entrance permits which have been issued for the Property; details of current and contemplated expropriations under the Expropriations Act (Ontario), whether the Property has ever been used as a cemetery site; whether the Property has been used as a waste disposal site and compliance with the sewer use by-law. Heritage Online Services Conduct on-line heritage searches with the municipality to obtain and review: Inventory of heritage properties Designation by-laws Heritage conservation district plan Elevating Devices Request to the Technical Standards & Safety Authority for a search report regarding any outstanding directives, work orders, deficiency notices or active inspections Electrical Safety Authority Request to the Electrical Safety Authority regarding any outstanding directives, work orders, deficiency notices or active inspections In addition, Chicago Title will outline the coverage that will be offered in a title insurance policy based on the proposed value of the Land. Please note that the information provided is not to be construed as an opinion on title or an opinion as to the validity or marketability of title to the Property and we express no opinion on the accuracy or the completeness of this summary report. A title examination and the issuance of a title opinion by a Canadian legal counsel mandated for that purpose would be required. The information provided will be used to prepare a title insurance policy for the contemplated transaction. COST ASSOCIATED WITH THIS SERVICE: $75 per request, per property and/or party (according to the search being based on property or party to the transaction) Disbursements, if any, applicable to obtain the information from the appropriate authority. Please note that pricing may be customized for multi-site transactions. 9
Personal Property Services Chicago Title is pleased to offer services related to personal property across Canada. Note: Chicago Title s PPSA policy will be available across the country commencing this Fall 2017. SEARCHES AT THE PROVINCIAL PERSONAL PROPERTY REGISTRY: Ordering a personal property search with Chicago Title is easy. We will perform a search to determine charges that affect the personal property identified in the order form. BANK OF CANADA SEARCHES: This search will include the review of the Bank Act Security Registry to determine if a bank has a security from the identified entity pursuant to section 427 of the Bank Act (Canada). BANKRUPTCY SEARCH IN CANADA: This search will include the review of the results from the Superintendent of Bankruptcy to determine if the identified entity has a bankruptcy record. UNIFORM COMMERCIAL CODE SEARCHES (UCC) - UNITED STATES: Chicago Title would be pleased to facilitate a search and policy issuance of the Uniform Commercial Code (UCC). Our very own UCC Plus division has extensive expertise and knowledge in the US personal property space. UCC Plus utilizes the country s leading search and filing companies. All searches or document retrievals necessary for the underwriting of a current UCC Plus Policy, not provided by counsel in accordance with our underwriting policies, will be ordered from one of our approved companies. UCC Plus is not able to place an order for searches, file documents or retrieve documents without a current order for a UCC Plus Policy. COST ASSOCIATED WITH THESE SERVICES: Please contact us for a quote! 10
Transfers of Mortgage Portfolios Let Chicago Title coordinate transfers of mortgage portfolios. We have the technology and efficiencies to ensure a smooth closing. We take on the process from the creation of the transfer documents to their registration at the appropriate registry office. We can handle small and large portfolios of mortgages, both residential and commercial. This service is offered in joint partnership with our sister corporation FNF Canada. COST ASSOCIATED WITH THIS SERVICE: Document preparation: $75.00 per mortgage Search Fee (applicable in QC only): $8 per property, plus disbursements Plus applicable registration fees Should the mortgages comprising the portfolio not be title insured when they were originated, Chicago Title would be happy to provide a quote specific to the project, based on the number of mortgages to be title insured and the total value of the portfolio. 11
Head Office - Ontario / Western Canada 1-888-868-4853 info@chicagotitle.ca www.chicagotitle.ca Québec Office - Québec / Atlantic Canada 1-877-339-3773 souscription@ctic.ca www.ctic.ca CTICCOM, 0817